AML/Compliance/KYC professionals come in!

Originally Posted by Unregistered

Can't believe in this day and age still got people fall for such obvious BS. The interviewer i just trying to jack up the job like some superstar hot so that he can lowball you later on pay lah. Get headhunted for 500% increase after few months in the job? This kind of lame shiit you also seriously believe! LOL

Theres a lot of deluded grads out there who really think as long as step foot in a bank instant $$$ will drop from sky. Interviewers and HR is just feeding into the hype.

Sorry to hijack

I in IT, but I am thinking of doing CDD, do you it is possible that I try this:

://.jobstreet.com.my/en/job/2852014/origin/my?fr=23

Originally Posted by Unregistered

What is the difference bet them all?

I really wouldnt call them compliance. More banks r now separating the core compliance work from those.

Other than the regulatory part, nowadays cdd kyc surveillance bla bla r all grouped under as compliance ops or aml ops. I.e. u r doing the mundane groundwork for the folks above u to approve. N simply doing what u r supposed to based in the policies n procedures that they drafted n what they advised.

In short, its a ops natured kind of work but probably require some churning of your brain juices. But that doesnt mean they dont pay well... but of cos the holy grail will be the ones who r doing the advisory work.

Originally Posted by Unregistered

I really wouldnt call them compliance. More banks r now separating the core compliance work from those.

Other than the regulatory part, nowadays cdd kyc surveillance bla bla r all grouped under as compliance ops or aml ops. I.e. u r doing the mundane groundwork for the folks above u to approve. N simply doing what u r supposed to based in the policies n procedures that they drafted n what they advised.

In short, its a ops natured kind of work but probably require some churning of your brain juices. But that doesnt mean they dont pay well... but of cos the holy grail will be the ones who r doing the advisory work.

What he says.
Usually path is tong 3-5 years doing compliance ops on KYC or AML and then try to jump to advisory role or become small team lead for kyc compliance ops.

Originally Posted by Unregistered

What is the difference bet them all?

I think a layman would think there is no difference.

Specifically, regulatory deals with regulators, including communication as well as reviewing regulations issued (i.e. MAS). This may includes regulatory reporting and very often, is part together with advisory.

KYC in most bigger banks is an operational role, whereby the team will review all the KYC information of the clients. In smaller banks, this is part of AML functions.

AML has a lot of by-functions, so similarly, it depends if you are looking at a bigger/smaller banks. In a smaller banks, it covers everything including regulatory, KYC, surveillance, investigations, etc. In a bigger bank, it is more specialized.

Surveillance in general, refers to transaction monitoring. If you are the team that reviews the initial transaction monitoring alerts, they are considered AML operations. If you are the team that design the monitoring scenarios, and/or review the thresholds for optimizations (usually mathematicians), you would be part of the AML functions.

How is the money and future for each?

Originally Posted by Unregistered

I think a layman would think there is no difference.

Specifically, regulatory deals with regulators, including communication as well as reviewing regulations issued (i.e. MAS). This may includes regulatory reporting and very often, is part together with advisory.

KYC in most bigger banks is an operational role, whereby the team will review all the KYC information of the clients. In smaller banks, this is part of AML functions.

AML has a lot of by-functions, so similarly, it depends if you are looking at a bigger/smaller banks. In a smaller banks, it covers everything including regulatory, KYC, surveillance, investigations, etc. In a bigger bank, it is more specialized.

Surveillance in general, refers to transaction monitoring. If you are the team that reviews the initial transaction monitoring alerts, they are considered AML operations. If you are the team that design the monitoring scenarios, and/or review the thresholds for optimizations (usually mathematicians), you would be part of the AML functions.

This is pretty spot on. My perspective from a mid-tier foreign bank...

Basically operational work are offshored/contract (transaction monitoring, KYC/CDD...) to cheaper locations. In terms of $ and future, they are the worst. During the 'hot season' meaning past 2 years, people get average 30% each jump but these days we are seeing 15-20% as the market cools.

Those that involve more brain-work (advisory, project...) is difficult to get in; they face limited candidates in the market hence pays the best (as well as FO). Not a lot of job-hopping seen in these functions which make senses...

I'm just wondering after 2-5 years of being in compliance
Can you actually cross over to other areas in a bank and from that progress further in hierarchy?

Originally Posted by Unregistered

I'm just wondering after 2-5 years of being in compliance
Can you actually cross over to other areas in a bank and from that progress further in hierarchy?

Depends on which part of compliance you were doing in that 2-5 years.

Operational work almost brings you no-where further than moving up the ranks. I do know some lucky ones moving into advisory role or take on other compliance-related projects...

Advisory work could propel you into consultancy practices or moving into management of the operational side.

Rarely hear people move into other functions within the bank but more about other functions moving into compliance these days...

Many compliance are moving to investment or asset management side, but the important thing is must know the right people.